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Newly Launched Digital Asset Bitgesell Aims to Become Digital Gold

Other 2020/05/19 14:22 by BitcoinPrbuzz
Newly Launched Digital Asset Bitgesell Aims to Become Digital Gold

Bitgesell is a newly launched cryptocurrency designed to succeed where bitcoin has failed and offers users practical application, as well as a more attractive proposition to miners and holders as a long-term investment channel.

While bitcoin remains the world’s number one cryptocurrency, the innovative invention by Satoshi Nakamoto is plagued a series of issues that are yet to be addressed, including:

  • Massive Computational Power: nodes distribution across geographical locations ensures blockchain networks are resistant to 51 percent attacks since no single entity can control the entire network. However, bitcoin has since surpassed this level and only a fraction of computational power is enough to secure the blockchain.
  • Low Rewards for Miners in Future: when the entire 2 million BTC is mined, miners will have to rely solely on transaction fees to survive. Though the value of bitcoin will surge greatly and even a little reward will be okay for miners, the introduction of scaling technologies like Lightning will keep making fees very low.
  • SlowerScarcity: while bitcoin block rewards get halved every four years, it will still take up to 120 years for block rewards to hit zero. In essence, holders may need to wait till 2140 to see the price of bitcoin rise significantly.

Enter Bitgesell

Bitgesell is the next stage in the bitcoin evolution and it is the right step towards the digital gold model. Bitgesell comes with several properties including:

  • Higher Transaction Cost: This makes it possible for only large amounts of coins to be transacted on the network, thereby incentivizing users to hold and increase its demand, while also ensuring miners make a huge profit.
  • 90 Percent Burn: the entire coins in circulation is reduced massively by burning 90 percent of the transaction fee. This will increase the value of Bitgesell as supply is lowered.
  • Yearly having: Bitgesell will get halved every year, to greatly reduce circulation and achieve zero-emission within a few years.
  • Segwit Support: The Bitgessel network has fully implemented Segwit, enabling transactions to be confirmed at lightning speeds. 

BGL coin is the native cryptocurrency of the Bitgesell ecosystem and there will be 21,000,000 BLG ever produced.BLG has a block weight of 400,000 bytes, which makes it 10 times smaller than bitcoin.

Bitgesell developer Emma Wu said:

“Bitgesell can be perceived as a future bitcoin, because of its smaller block size, how segwit extension would be developing and due to halving occurring each year, only after 2-3 years we will witness the future of bitcoin, not having to wait for 11 years.”

Website: https://bitgessell.ca/ 

Community: https://bitcointalk.org/index.php?topic=5238559 

Email: wuemma@protonmail.com


Disclaimer: This article is sponsored and provided by a third-party source and should not be viewed as an endorsement by ZyCrypto. Readers should do their own research before investing funds in any digital asset or cryptocurrency.

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